Brookson's New Growth Strategy Set to Target the Self Employed Sector

WARRINGTON, England, October 9, 2012 /PRNewswire/ --

Warrington based accountancy practice Brookson, have launched an ambitious new growth strategy with the hopes of positioning themselves as a 'one-stop shop' for self-employed professionals.

Traditionally focused on serving people working in industries such as aerospace, defence, engineering, utilities and oil and gas, it recently opened an office at The Greenhouse, in MediaCityUK, Salford Quays, as part of its strategy to target sectors including media and creative, medical and healthcare.

Led by managing director Martin Hesketh, Brookson believe they can double revenues and profits in the next three years. It suffered during the depths of the recession as customer numbers declined when companies halted temporary assignments and contracts, leading to staff and salary cuts at Brookson, but the firm maintained its investment programme.

Mr Hesketh said Brookson spent more than £1m in 2010 to improve its technology, followed by £800,000 in 2011.  It has now earmarked £1.5m for a sales and marketing push over the next couple of years to bolster its customer base, and £1m over the next 12 months to upgrade its systems and processes.

The group includes Brookson Limited, which has about 200 staff who provide bookkeeping, accountancy and tax advice, financial services including pensions, mortgage and investment advice, and insurance underwriting.

The group's investment has enabled Brookson Limited to introduce real-time financial information to its 10,000-plus customers, who include locum doctors, dentists, project managers, engineers, IT consultants, interim managers and accountants.

Legal services are currently provided under the Brunel brand by an in-house lawyer who advises clients on employment, contract negotiations and other commercial matters. Brookson aims to expand into debt recovery, conveyancing, wills and probate.

The group also includes Brookson Solutions, which directly employs 1,450 contractors and finds them placements. Group turnover for the 12 months to the end of September 2011 was £52.9m, with pre-tax profits of £516,000. Results for the most recent year are expected to show revenues of £51.825m and profits of £790,000.

Brookson Limited generates all the profit but only around £10m of turnover. Brookson Solutions breaks even, but accounts for the bulk of revenues.

Mr Hesketh said: "Our stronger financial performance this year has been the result of our recent investments, as it has come about despite lower customer numbers."

Mr Hesketh is forecasting a 10 per cent turnover rise in the next 12 months, with profits likely to remain flat due to the group's on-going spending. However, he anticipates 30 per cent annual earnings growth in 2014 and 2015, as it benefits from its investment strategy.

About Brookson:http://www.brookson.co.uk

For enquiries, contact Victoria McDonnell, Marketing Manager, at victoria.mcdonnell@brookson.co.uk, +44(0)845-058-1500.

Brookson was founded with the vision of creating an accountancy firm with a difference - a firm passionate about meeting the needs of our customers through innovation and personal attention.

For more than fifteen years we have been providing accountancy, tax and support services to contractors, freelancers and self-employed professionals around the UK - people like you, who were seeking something extra from their contractor accountants.

Thousands have benefited from our connected approach to their financial matters. Naturally, balancing your books is an important part of what we do, but we also offer specialist insights into your wider money picture.